https://www.taxtmi.com/caselaws?id=364801 A primary agricultural credit society registered under the Gujarat Cooperative Societies Act, 1961 could not be denied deduction under section 80P of the Income-tax Act, 1961 merely because it extended credit facilities to nominal members. The Income-tax Act does not distinguish between regular and nominal members for this purpose, and dealings with persons treated as members under the applicable State law did not justify a denial on mutuality grounds. The precedent involving a society acting in violation of its governing statute was distinguishable on facts, so the claimed deduction was held allowable. en-us Wed, 01 Aug 2018 00:00:00 +0530 Sat, 04 Aug 2018 08:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364801 A primary agricultural credit society registered under the Gujarat Cooperative Societies Act, 1961 could not be denied deduction under section 80P of the Income-tax Act, 1961 merely because it extended credit facilities to nominal members. The Income-tax Act does not distinguish between regular and nominal members for this purpose, and dealings with persons treated as members under the applicable State law did not justify a denial on mutuality grounds. The precedent involving a society acting in violation of its governing statute was distinguishable on facts, so the claimed deduction was held allowable. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364801